COMMODITY DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The fair value of the crude oil futures agreements is based on the difference between the strike price and the New York Mercantile Exchange and Brent Complex futures price for the applicable trading months.

As of March 31, 2024
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Futures	Mar. 2024-May. 2024	$	110.37	38	$	(8)
Futures	Mar. 2024-Jun. 2024	$	86.00	124	$	(124)
Futures	Mar. 2024-May. 2024	$	46.10	273	$	(303)

As of December 31, 2023
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
				(in thousands)	(in thousands)
Futures	Dec. 2023 - Feb. 2024	$	108.18	1	$	20
Futures	Dec. 2023 - Feb. 2024	$	110.33	4	$	(156)
Futures	Dec. 2023 - May. 2024	$	77.94	7	$	(63)
Futures	Dec. 2023 - May. 2024	$	49.94	60	$	632
Swap	Dec. 2023 - Jan. 2024	$	88.39	164	$	(372)
Swap	Dec. 2023 - Jan. 2024	$	25.55	100	$	(50)

Schedule of Fair Value of Derivative Instruments within Balance Sheet

The carrying values of the Company’s derivatives positions and their locations on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 are presented in the table below (in thousands):

Balance Sheet Classification	Contract Type	March 31, 2024		December 31, 2023
	Soybean oil future	$	(303)	$	632
	Crude oil swaps	—		(422)
	Crude oil futures	(132)		(199)
Derivative commodity asset(liability)		$	(435)	$	11